Most of us know the feeling: you do all the work, want to start your own business, and need the money, but you don’t have the money. Well, there is a way. Every day, thousands of businesses succeed because they have been given a grant.
Grants are also used by businesses and organizations to help pay for the start-up costs associated with establishing or expanding a business. These grants are usually given to students and start-ups, however, some grants are geared toward those who have already started a business. There are also people (Lincoln Frost, for example) who can help you find grants and funding for your start-up or existing business, in the real estate field or others too. This makes it much easier for entrepreneurs to achieve their goals and establish their companies in an evergrowing market.
Business grants are a form of financial assistance that may be available to help you start or further grow a company. The federal government, as well as many state and local governments, offer these grants. They can fund almost any kind of project, from start-up businesses to large-scale endeavours. They are one of the best and most popular ways for small business owners to get the much-needed support and funding needed for their businesses. However, not many businesses are aware of this, which eventually leads them to miss this opportunity. However, this can be avoided if business owners consult Clarke Advisors (and the like) and learn about the different types of funding options available at their disposal.
The 4 Types of Grants
- Repayable grants are self-explanatory. These are grants that are expected to be repaid which makes them similar to loans. However, the repayment terms may be different, such as not incurring interest or only requiring repayment in certain circumstances.
- Non-repayable grants are not expected to be repaid. Generally, they are for a specific purpose (e.g., to set up one specific aspect of a business.) and have a set amount. The grantee is expected to use the funds to continue their work on the project or idea.
- Cash grants are grants given in cash. They’re often sent as non-repayable grants and are preferred by many types of organizations.
- Non-cash grants can take a variety of forms except cash, but what they all share in common is that they are not given in exchange for payment. They are provided to you in the form of a fixed asset that allows you to accomplish a specific, long-term goal or project.
How to get a business grant
Business grants often do not have an expiration date and are non-repayable grants. The best part is that an individual or business can receive them regardless of their stage of business development and for a variety of purposes, ranging from start-ups aiming to opt for new HR building construction to established businesses looking forward to renovating their workspace to accommodate the influx of employees.
Still wondering how this works? Don’t fret! We will help you understand this better.
Suppose you want to expand your business to another city, and you need a lot of capital to build a new facility with the help of construction experts (such as those located at multi-m-contracting.com). An application for a business grant in the form of a business development grant can be made in that case.
The grant process is fairly straightforward. If your business or startup qualifies for the specific grant then you simply need to fill out a grant application form and follow the instructions to the letter. If the application asks for specific proof or a detailed business plan, then it must be provided. Additionally, while looking for a business grant, if you are planning to hire a team of employees as well, you may also have to mention that along with other necessities such as recruitment specialists and more. You can also look for special services specifically for your business domain, such as the one for a law firm, you could talk to Alex Gotch or a similar recruitment service provider.
Gone are the days of sending applications in the mail. More and more, businesses are turning to the internet for help thanks to internet-based grant applications and business grant management tools. Said tools are becoming increasingly popular due to their convenience and flexibility.
Once you have your business grant then you are free to use it in the manner set out in the grant’s rules. Though if you are not sure if it is right for your business, or have failed to receive a grant then there are other alternatives.